20th Centur Regulation Analysis

Regulation needs to occur in regards to innovative technology but also trade technology specifically. Trade has moved on with the advancement of technology to make trade easier. To stay in the past with our current policies would be nonsensical. If companies and their methods are advancing, the rules of the game must also advance with them. The policies and regulations from the CFTC “…have stayed pretty much the same. Most of the CFTC’s rules were written for 20th century analog markets” (Speeches). It might have been effective in the 20th century but now it cannot stay. Keeping the same rules for a different game will only result in unfair play. Updating the policy will keep the system in check. Even if updating means having to rethink the amount of force necessary to confiscate code, it might have to be considered because source code plays a big role in 21st century trade. In essence, “Regulation AT is a 20th …show more content…
Through forum and discussion, each institution can voice their opinion and together they can attempt to come to a combined proposal to benefit and secure the industry. That is where it all must start. From there, we can hope that source code will be addressed for its major role in the financial industry and followed up with a detailed description of the roles it can be defined with, for regulation purposes. Only after a discussion of source code can regulation of FinTech begin. Regulators seem to just be content with focusing on FinTech itself without reaching the core of FinTech itself and discussing how that should be regulated before entity source code created is regulated. The goal is clear: define source code in all of its various forms and uses, regulate it, and then regulate everything it is in and that it affects. The sooner the better because FinTech is already beyond a lot of regulation and it is already hard enough to keep up with